JPMorgan Chase (JPM) said in a research note that U.S. cryptocurrency regulation appears to be moving in the direction of opposing the launch of a central bank digital currency, opposing the acceptance of cryptocurrencies by local banks, and opposing non-compliant stablecoins. The bank said the stablecoin bill is most likely to be approved before the presidential election and, if passed, would pose a threat to Tether's dominance. Central bank digital currency issuance is less likely after the House of Representatives passed a bill last month banning the Federal Reserve from issuing digital currencies.